Things have come crashing down for the Heatwave promoters. A source has confirmed with Music Feeds that the company has been declared insolvent and has gone into liquidation. Organisers have sent an email out to all the contractors still owed money informing them that they will not be getting paid.
A source has forwarded Music Feeds a copy of the email, which you can read below…
I am very sorry to tell you that Heatwave Festival has been declared insolvent. There were a number of factors which contributed to this but the bottom line is that we did not have the break-even crowd in SA. The interstate tour did not generate sufficient income to cover the debts incurred in SA and we have had to go into liquidation.
You will be contacted by Tim Mableson from Ferrier Hodgson Adelaide shortly who will advise you of your rights. Or you can contact him if you prefer at 08 8100 7600.
We are very sorry that we are unable to honour our commitments and offer our apologies.
The Heatwave Festival was a nightmare from the beginning and numerous punters across the country were ripped off. NSW Fair Trading had to step in to make sure punters were refunded in Sydney when D12 failed to show.
According to reports, Patrick Wyntie (Heatwave owner) was given a 2 million dollar grant to put the festival on. One really has to ask how this festival even went ahead and the worst thing is that it seems like the honest contractors who were involved will be the ones who pay the biggest price.
Update UPDATE: Heatwave promoter Patrick Whyntie has responded to our article.
The article brutally misleading and wrong, a vast majority of creditors have been paid. Artists have been paid in FULL. The company is in voluntary administration where the incoming proceeds will be distributed accordingly and handled by the new administration who deal with the remaining creditors. We have taken every step to ensure this process is handled as delicately as possible. I am not the type of promoter who switches his phone off and buries his head in the sand. I have already covered an interview on many of the faults and am standing strong here to see this out.